MONETARY POLICY FRAMEWORKS IN A GLOBAL CONTEXT ALFARO,CROCKETT,POSEN,KOHLER,MAHADEVA STERNE,VIREN,MAYES,LEIDERMAN Księgarnia

The analysis of any monetary policy framework necessarily extends beyond the confinements of the central bank, and may depend upon many factors such as: its form of government, its financial and legal systems, the level of expertise in monetary policy matters that exist inside and outside the central bank. This broad ranging collection focuses on the monetary policy frameworks used by central banks and governments in their attempt to achieve their goals, of which price stability has become increasingly popular.

Monetary Policy Frameworks in a Global Context proceeds from general to the specific. General lessons are drawn in a Report prepared for the 1999 Central Bank Governors' symposium held at the Bank of England. This includes one of the broadest-ever surveys of monetary policy framework characteristics, covering 94 monetary frameworks. Within this rich sample, there exist monetary frameworks with many different forms and combinations of policy targets as well as institutional arrangements that incorporate varying degrees of accountability, independence, and transparency and a myriad of analytical methods that inform key decisions. The report seeks to identify where the search for best monetary policy practice has found common ground, and also distinguishes circumstances that might lead countries to choose frameworks that depart from the norm.

The second part of the book contains specific lessons drawn from renowned monetary policy researchers and practitioners, and the rich diversity of experiences assessed provide a wide perspective on how the evolution of monetary policy frameworks over the last 30 years has depended upon:

- Structural differences,

- Varying degrees of indexation and nominal rigidities that affect the speed of transmission from monetary policy to inflation,

- Institutional arrangements and analytical constraints that influence the way in which monetary policy can respond.

This original and comprehensive text will be of great value to professional economists and students of economics and banking alike. And the data collected are likely to provide a rich information source for applied researchers and all those following global trends in monetary framework practice and design.

Lavan Mahadeva is adviser for Modelling and Forecasting at the Bank of England and Gabriel Sterne is an adviser for Monetary Analysis at the Bank of England. Their work at the Bank of England's Centre for Central Banking Studies is to provide technical assistance and establish collaborative research with economists from a very broad range of economies, and together they have worked in around 20 countries in recent years.

645 pages

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